"Dallas" Actor Larry Hagman Ruled Against in Citi (NYSE:C) Court Battle

Actor Larry Hagman, known primarily for his role as J.R. Ewing in the wildly popular "Dallas" series in the 1980s, had the arbitration award of $11 million in damages against Citigroup (NYSE:C) vacated by Los Angeles Superior Court Judge Michelle Rosenblatt.

In 2010 FINRA, a regulatory body of the U.S. financial industry, had awarded Hagman $10 million in punitive damages, along with $1.1 million in compensatory damages and $440,000 for legal fees.

The case centered around Hagman's assertion Citigroup changed the balance of his portfolio from fixed income and cash toward equities, resulting in large losses of capital. Allegedly the financial institution also sold Hagman a life insurance police he couldn't afford.

One of the reasons given by Rosenblatt for vacating the award was one of the arbitrators didn't disclose that they had been involved as a plaintiff in a similar situation.

Hagman's lawyer responded to the ruling saying, "It's an absurd, bizarre kind of ruling, and we're very confident an appellate court will reverse it."